The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 11 Jan 2023 (Wed)

Singapore Real Estate


Golden Mile Tower owners in private talks after close of S$650m en bloc tender
Owners of Golden Mile Tower have entered a 10-week private treaty negotiation period with interested parties after its en bloc sale tender closed on Monday (Jan 9) with a few expressions of interest.


GSM Building at Middle Road up for sale again at same S$85m guide price
GSM Building at 141 Middle Road has been put up for sale in its second collective sale attempt, at an unchanged guide price of S$85 million, said Mount Everest Properties in a statement on Monday (Jan 9).


Manhattan House up for collective sale with S$280m reserve price
Manhattan House has been launched for collective sale by tender with a S$280 million reserve price, sole marketing agent JLL said on Tuesday (Jan 10). This implies a land rate of about S$1,715 per square foot per plot ratio at a base gross plot ratio of 5.03875, after factoring in the lease top-up premium and a land betterment charge.


Of home prices and affordability
Singapore’s private home prices finally started to flatten in the fourth quarter of 2022, after five years of rising continuously. The slowdown was not unexpected, rippling in the wake of various waves of government intervention in the market, and caution over rising mortgage rates.


Valuing state land for HDB at historical cost ‘cannot work’, says Desmond Lee
Singapore: Valuing state land meant for building Housing Board flats at historical cost “cannot work”, said Minister for National Development Desmond Lee on Tuesday (Jan 10).


Drastically lowering BTO prices by disregarding land costs will only end up hurting all Singaporeans: Sim Ann
Singapore: “Drastically” lowering the prices of Build-to-Order (BTO) flats, to the extent of disregarding land costs, would end up “hurting all Singaporeans, instead of helping them”, said Senior Minister of State for National Development Sim Ann on Sunday (Dec 11).


1,284 private home owners appealed to waive 15-month wait-out period to buy HDB flat: Desmond Lee
Singapore – A total of 1,284 private property downgraders have appealed against the 15-month wait-out period to buy a Housing Board resale flat since the rule kicked in end-September 2022.



Singapore Economy


No major supply chain disruptions expected from China’s Covid-19 situation: MTI
Singapore is not anticipating any major or sustained supply chain disruptions for essential goods from the Covid-19 situation in China, said Minister of State for Trade and Industry Low Yen Ling in Parliament on Tuesday (Jan 10).


Businesses identify manpower and increased costs as core challenges for 2023
Businesses hope Singapore’s Budget 2023 will support them in addressing costs (74 per cent), manpower challenges (57 per cent) and assistance in cash flow management (48 per cent), according to the Singapore Business Federation’s (SBF) latest National Business Survey 2022/2023.



Global Economy & Real Estate


Federal Reserve official sees chance to lower inflation without major downturn


World Bank cuts 2023 global growth forecast in ‘sharp, long-lasting slowdown’


Canada’s office vacancies hit a record as space floods market


Australia rate bets firm after stronger inflation, retail sales


Australia retail sales jump in November, inflation resumes climb


China deflation pressure worsens as economy slumps: Report


South Korea’s jobless rate climbs as rates weigh on hiring


China’s reopening a relief to Malaysia’s ‘dour investment sentiment’


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